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Trump Directs Treasury to Cut Spain Trade Over Iran Bombing Base Denial, Signals Major Bank Deregulation Push
Published 1 day, 18 hours ago
Description
President Donald Trump directed Treasury Secretary Scott Bessent to cut off all trade with Spain after the country denied access to its military bases for United States bombing campaigns against Iran. According to Investing dot com, Trump made the order during a White House meeting with German Chancellor Friedrich Merz, stating he told Bessent to halt all dealings because Spain has nothing the United States needs except great people but lacks great leadership. Politico reports that Spain blocked use of the Moron de la Frontera and Rota airbases, citing international law and limiting support to humanitarian needs only, prompting aircraft departures to Germany.
Bessent affirmed in the meeting that Trump has the legal ability to impose an embargo on Spanish goods, though he did not confirm pursuing it. The threat stems from ongoing tensions over Spanish Prime Minister Pedro Sanchez refusing to raise defense spending to five percent of gross domestic product as Trump demands for NATO allies. Trump suggested he could stop all business with Spain immediately using embargoes.
On the same day, March third, Bessent outlined a major regulatory reset in prepared remarks delivered by Under Secretary Jonathan McKernan at a Treasury roundtable on bank liquidity. The Treasury dot gov statement details efforts to roll back Biden era rules, refocus supervision on real risks, support community banks, and clear paths for digital assets. Bessent emphasized overhauling liquidity coverage ratio requirements to unlock lending for artificial intelligence infrastructure, manufacturing onshoring, and defense needs by better integrating discount window access and reducing stigma.
He argued post two thousand eight crisis rules unnecessarily tie up bank assets, limiting loans for homes, businesses, and innovation, and proposed capped recognition of prepositioned collateral at the Federal Reserve to enhance readiness without undermining discipline. Treasury plans complementary reforms like deposit insurance changes and anti money laundering updates.
These developments highlight Bessent's early role in trade enforcement and financial deregulation under Trump.
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Bessent affirmed in the meeting that Trump has the legal ability to impose an embargo on Spanish goods, though he did not confirm pursuing it. The threat stems from ongoing tensions over Spanish Prime Minister Pedro Sanchez refusing to raise defense spending to five percent of gross domestic product as Trump demands for NATO allies. Trump suggested he could stop all business with Spain immediately using embargoes.
On the same day, March third, Bessent outlined a major regulatory reset in prepared remarks delivered by Under Secretary Jonathan McKernan at a Treasury roundtable on bank liquidity. The Treasury dot gov statement details efforts to roll back Biden era rules, refocus supervision on real risks, support community banks, and clear paths for digital assets. Bessent emphasized overhauling liquidity coverage ratio requirements to unlock lending for artificial intelligence infrastructure, manufacturing onshoring, and defense needs by better integrating discount window access and reducing stigma.
He argued post two thousand eight crisis rules unnecessarily tie up bank assets, limiting loans for homes, businesses, and innovation, and proposed capped recognition of prepositioned collateral at the Federal Reserve to enhance readiness without undermining discipline. Treasury plans complementary reforms like deposit insurance changes and anti money laundering updates.
These developments highlight Bessent's early role in trade enforcement and financial deregulation under Trump.
Thank you for tuning in, listeners. Please subscribe for more updates. This has been a Quiet Please production, for more check out Quiet Please dot ai.
For more http://www.quietplease.ai
Get the best deals https://amzn.to/3ODvOta
This content was created in partnership and with the help of Artificial Intelligence AI